Institutional Ownership and Changes in the S&P 500
Several recent articles have provided new evidence for the existence of price pressures by examining the price and volume effects associated with changes in the S&P 500. The present study extends this work by examining actual changes in institutional holdings following both additions to, and deletions from, the S&P 500. The results show that changes in institutional holdings in response to additions to, or deletions from, the S&P 500 are positively correlated. In addition to providing further evidence for the existence of price pressure effects, the results also provide evidence of the very large institutional elasticities of demand for stock. Copyright 1989 by American Finance Association.
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Volume (Year): 44 (1989)
Issue (Month): 2 (June)
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